Connable Office Inc. Invests $221,000 in Kite Realty Group Trust $KRG

Connable Office Inc. acquired a new position in shares of Kite Realty Group Trust (NYSE:KRG) in the 2nd quarter, Holdings Channel reports. The fund acquired 9,750 shares of the real estate investment trust’s stock, valued at approximately $221,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of KRG. Ameritas Advisory Services LLC purchased a new stake in Kite Realty Group Trust in the 2nd quarter valued at $30,000. UMB Bank n.a. raised its position in Kite Realty Group Trust by 103.0% in the 2nd quarter. UMB Bank n.a. now owns 2,607 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 1,323 shares during the last quarter. Blue Trust Inc. raised its position in Kite Realty Group Trust by 44.0% in the 2nd quarter. Blue Trust Inc. now owns 2,973 shares of the real estate investment trust’s stock valued at $67,000 after purchasing an additional 908 shares during the last quarter. Dagco Inc. purchased a new stake in Kite Realty Group Trust in the 1st quarter valued at $92,000. Finally, GAMMA Investing LLC raised its position in Kite Realty Group Trust by 30.1% in the 2nd quarter. GAMMA Investing LLC now owns 4,520 shares of the real estate investment trust’s stock valued at $102,000 after purchasing an additional 1,045 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Insider Buying and Selling

In related news, CEO John A. Kite sold 50,000 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $22.70, for a total value of $1,135,000.00. Following the sale, the chief executive officer directly owned 54,121 shares of the company’s stock, valued at approximately $1,228,546.70. This represents a 48.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on KRG shares. Wall Street Zen downgraded shares of Kite Realty Group Trust from a “hold” rating to a “sell” rating in a research report on Saturday. LADENBURG THALM/SH SH initiated coverage on shares of Kite Realty Group Trust in a research note on Tuesday, September 9th. They issued a “buy” rating and a $30.00 price objective on the stock. Piper Sandler reissued a “neutral” rating and issued a $24.00 price objective (down from $25.00) on shares of Kite Realty Group Trust in a research note on Monday, August 4th. Wells Fargo & Company raised shares of Kite Realty Group Trust from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $23.00 to $25.00 in a research note on Tuesday, October 21st. Finally, Citigroup reissued a “neutral” rating and issued a $24.00 price objective (down from $28.00) on shares of Kite Realty Group Trust in a research note on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Kite Realty Group Trust currently has a consensus rating of “Hold” and an average price target of $26.70.

Kite Realty Group Trust Stock Performance

NYSE:KRG opened at $22.03 on Tuesday. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.91. Kite Realty Group Trust has a fifty-two week low of $18.51 and a fifty-two week high of $28.24. The stock has a market cap of $4.84 billion, a PE ratio of 34.42, a price-to-earnings-growth ratio of 6.16 and a beta of 1.15. The firm’s fifty day simple moving average is $22.38 and its 200-day simple moving average is $22.30.

Kite Realty Group Trust (NYSE:KRG) last posted its quarterly earnings results on Wednesday, October 29th. The real estate investment trust reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Kite Realty Group Trust had a net margin of 16.34% and a return on equity of 4.23%. The business had revenue of $205.06 million for the quarter, compared to analysts’ expectations of $208.82 million. Kite Realty Group Trust has set its FY 2025 guidance at 2.090-2.110 EPS. Analysts expect that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 16th. Stockholders of record on Friday, January 9th will be paid a dividend of $0.29 per share. This is a boost from Kite Realty Group Trust’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, January 9th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 5.3%. Kite Realty Group Trust’s dividend payout ratio is currently 181.25%.

About Kite Realty Group Trust

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company’s primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets.